MIRA
INFORM REPORT
|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NRC ENVIRONMENTAL SERVICES (UK) LIMITED |
|
|
|
|
Formerly Known as: |
SEACOR RESPONSE (UK) LIMITED |
|
|
|
|
Registered Office : |
7/8 Great James Street, London, Wc1n 3df |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.08.2004 |
|
|
|
|
Com. Reg. No.: |
05206751 |
|
|
|
|
Legal Form : |
Private limited with Share Capital |
|
|
|
|
Line of Business : |
Engaged in provision of emergency response services and consulting
services to the oil and gas industries |
|
|
|
|
No. of Employees |
08 (31.12.2012) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Maximum Credit Limit : |
£2,500 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United Kingdom ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.
|
Source : CIA |
REGISTERED
NAME & COMPANY SUMMARY
|
Company
Name |
NRC
ENVIRONMENTAL SERVICES (UK) LIMITED |
Company
Number |
05206751 |
|
Registered
Address |
7/8 GREAT
JAMES STREET |
Trading
Address |
7-8 Great
James Street |
|
Incorporation
Date |
16/08/2004
|
Company
Status |
Active -
Accounts Filed |
|
Previous
Name |
SEACOR
RESPONSE (UK) LIMITED |
Type |
Private
limited with Share Capital |
|
Date of
Change |
18/05/2012
|
Filing
Date of Accounts |
20/09/2013
|
|
|
|
Share
Capital |
£30,000 |
|
SIC03 |
7487 |
Currency |
GBP |
|
SIC03
Description |
Other
business activities |
||
|
SIC07 |
82990 |
||
|
SIC07
Description |
OTHER
BUSINESS SUPPORT SERVICE ACTIVITIES N.E.C. |
||
|
Principal
Activity |
The
provision of emergency response services and consulting services to the oil
and gas industries |
||
CREDIT RECOMENDATION
Current Credit Limit: £2,500
DIRECTORS/MANAGEMENT
|
Total
Current Directors |
3 |
|
Total
Current Secretaries |
0 |
|
Total
Previous Directors / Company Secretaries |
7 |
Current Directors
|
Name |
Date of
Birth |
30/08/1966 |
|
|
Officers
Title |
Mr |
Nationality |
British |
|
Present
Appointments |
3 |
Function |
Director |
|
Appointment
Date |
31/05/2007 |
|
|
|
Address |
7/8 Great
James Street, London, WC1N 3DF |
||
|
Name |
Date of
Birth |
13/11/1975 |
|
|
Officers
Title |
|
Nationality |
American |
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
16/03/2012 |
|
|
|
Address |
6th
Floor, 450 Park Avenue, New York, Ny10022 |
||
|
Name |
Date of
Birth |
20/07/1958 |
|
|
Officers
Title |
Mr |
Nationality |
American |
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
16/03/2012 |
|
|
|
Address |
3500
Sunrise Hwy.ste.t103, Great River, N.y 11739 |
||
NEGATIVE INFORMATION
CCJ
|
Total
Number of Exact CCJs - |
Total
Value of Exact CCJs - |
||
|
Total
Number of Possible CCJs - |
Total
Value of Possible CCJs - |
||
|
Total
Number of Satisfied CCJs - |
Total
Value of Satisfied CCJs - |
||
|
Total
Number of Writs - |
- |
|
|
Exact CCJ Details
There are
no exact CCJ details
Possible CCJ
Details
There are
no possible CCJ details
Writ Details
There are
no writ details
SHARE & SHARE CAPITAL INFORMATION
Top 20
Shareholders
|
Name |
Currency |
Share
Count |
Share
Type |
Nominal
Value |
% of
Total Share Count |
|
NRC INT
HOLDING COMPANY LLC |
GBP |
30,000 |
ORDINARY |
1 |
100 |
PAYMENT INFORMATION
Payment
Information Summary
|
Days
Beyond Terms |
Trend Indicator |
Average
Payment Experience |
|
||||
|
Steady Improving
Worsening |
Be the
first to leave a payment experience
|
|
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GROUP STRUCTURE & AFFILIATED COMPANIES
Statistics
|
Group |
3
companies |
|
Linkages |
|
|
Countries
|
Summary
|
Holding
Company |
- |
|
Ownership
Status |
Wholly
Owned |
|
Ultimate
Holding Company |
JFL-NRC
HOLDING LLC |
Group structure
|
Company
Name |
Registered
Number |
Latest
Key Financials |
Consol.
Accounts |
Turnover |
|
|
N/A |
- |
- |
|
|
|
N/A |
- |
- |
|
|
05206751 |
31.12.2012 |
N |
£1,094,531 |
FINANCIAL INFORMATION
Key Financials
|
Year to
Date |
Turnover |
Pre Tax
Profit |
Shareholder
Funds |
Employees |
|
31/12/2012 |
£1,094,531 |
-£251,815 |
-£225,702 |
8 |
|
31/12/2011 |
£1,021,240 |
-£46,904 |
£65,462 |
9 |
|
31/12/2010 |
£1,145,402 |
£361,763 |
£1,086,859 |
11 |
Profit & Loss
|
Date Of
Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
GBP |
|
GBP |
|
GBP |
|
GBP |
|
GBP |
|
Consolidated
A/cs |
N |
|
N |
|
N |
|
N |
|
N |
|
Turnover |
£1,094,531 |
|
£1,021,240 |
|
£1,145,402 |
|
£953,248 |
|
£867,151 |
|
Export |
£372,141 |
|
£418,708 |
|
£1,145,402 |
|
- |
|
- |
|
Cost of
Sales |
- |
|
- |
|
- |
|
- |
|
£150 |
|
Gross
Profit |
- |
|
- |
|
- |
|
- |
|
£867,001 |
|
Wages
& Salaries |
£916,533 |
|
£799,617 |
|
£926,928 |
|
£797,968 |
|
£752,376 |
|
Directors
Emoluments |
£209,066 |
|
£183,887 |
|
£171,874 |
|
£126,893 |
|
£209,913 |
|
Operating
Profit |
-£252,051 |
|
-£50,093 |
|
£352,539 |
|
-£76,188 |
|
-£72,939 |
|
Depreciation |
- |
|
£3,538 |
|
£4,093 |
|
£4,093 |
|
£555 |
|
Audit
Fees |
£5,000 |
|
£5,000 |
|
£5,000 |
|
£3,000 |
|
£3,000 |
|
Interest
Payments |
- |
|
£407 |
|
- |
|
£2,576 |
|
- |
|
Pre Tax
Profit |
-£251,815 |
|
-£46,904 |
|
£361,763 |
|
-£77,938 |
|
-£1,470,738 |
|
Taxation |
-£39,349 |
|
£26,504 |
|
-£49,515 |
|
-£31,319 |
|
-£3 |
|
Profit
After Tax |
-£291,164 |
|
-£20,400 |
|
£312,248 |
|
-£109,257 |
|
-£1,470,741 |
|
Dividends
Payable |
- |
|
- |
|
- |
|
- |
|
- |
|
Retained
Profit |
-£291,164 |
|
-£20,400 |
|
£312,248 |
|
-£109,257 |
|
-£1,470,741 |
Balance Sheet
|
Date Of
Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Tangible
Assets |
0 |
|
0 |
|
£1,042,307 |
|
£833,900 |
|
£1,001,639 |
|
Intangible
Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Total
Fixed Assets |
0 |
|
0 |
|
£1,042,307 |
|
£833,900 |
|
£1,001,639 |
|
Stock |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Trade
Debtors |
0 |
|
0 |
|
£11,750 |
|
0 |
|
£13,688 |
|
Cash |
£48,666 |
|
£33,091 |
|
£361,683 |
|
£69,437 |
|
£233,106 |
|
Other
Debtors |
£297,497 |
|
£296,587 |
|
£506,137 |
|
£132,487 |
|
£108,275 |
|
Miscellaneous
Current Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Total
Current Assets |
£346,163 |
|
£329,678 |
|
£879,570 |
|
£201,924 |
|
£355,069 |
|
Trade
Creditors |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Bank
Loans & Overdrafts |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Other
Short Term Finance |
£365,594 |
|
£23,830 |
|
£444,357 |
|
£48,151 |
|
£139,127 |
|
Miscellaneous
Current Liabilities |
£206,271 |
|
£240,204 |
|
£309,438 |
|
£164,569 |
|
£241,375 |
|
Total
Current Liabilities |
£571,865 |
|
£264,034 |
|
£753,795 |
|
£212,720 |
|
£380,502 |
|
Bank
Loans & Overdrafts and LTL |
0 |
|
£182 |
|
£81,223 |
|
£48,493 |
|
£92,338 |
|
Other
Long Term Finance |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Total
Long Term Liabilities |
0 |
|
£182 |
|
£81,223 |
|
£48,493 |
|
£92,338 |
Capital &
Reserves
|
Date Of
Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Called Up
Share Capital |
£30,000 |
|
£30,000 |
|
£30,000 |
|
£30,000 |
|
£30,000 |
|
P & L
Account Reserve |
-£1,493,717 |
|
-£1,202,553 |
|
-£1,182,153 |
|
-£1,494,401 |
|
-£1,385,144 |
|
Revaluation
Reserve |
- |
|
- |
|
- |
|
- |
|
- |
|
Sundry
Reserves |
£1,238,015 |
|
£1,238,015 |
|
£2,239,012 |
|
£2,239,012 |
|
£2,239,012 |
|
Shareholder
Funds |
-£225,702 |
|
£65,462 |
|
£1,086,859 |
|
£774,611 |
|
£883,868 |
Other Financial
Items
|
Date Of
Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Net Worth |
-£225,702 |
|
£65,462 |
|
£1,086,859 |
|
£774,611 |
|
£883,868 |
|
Working
Capital |
-£225,702 |
|
£65,644 |
|
£125,775 |
|
-£10,796 |
|
-£25,433 |
|
Total
Assets |
£346,163 |
|
£329,678 |
|
£1,921,877 |
|
£1,035,824 |
|
£1,356,708 |
|
Total
Liabilities |
£571,865 |
|
£264,216 |
|
£835,018 |
|
£261,213 |
|
£472,840 |
|
Net
Assets |
-£225,702 |
|
£65,462 |
|
£1,086,859 |
|
£774,611 |
|
£883,868 |
Miscellaneous
|
Date Of
Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Contingent
Liability |
NO |
|
NO |
|
NO |
|
NO |
|
NO |
|
Capital
Employed |
-£225,702 |
|
£65,644 |
|
£1,168,082 |
|
£823,104 |
|
£976,206 |
|
Number of
Employees |
8 |
|
9 |
|
11 |
|
12 |
|
10 |
|
Auditors |
MERCER
& HOLE |
||||||||
|
Auditor
Comments |
The audit
report contains no adverse comments |
||||||||
|
Bankers |
DNB NOR
BANK ASA |
||||||||
|
Bank
Branch Code |
40-51-14 |
||||||||
Ratios
|
Date Of
Accounts |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
31/12/08 |
|
Pre-tax
profit margin % |
-23.01 |
-4.59 |
31.58 |
-8.18 |
-169.61 |
|
Current
ratio |
0.61 |
1.25 |
1.17 |
0.95 |
0.93 |
|
Sales/Net
Working Capital |
-4.85 |
15.56 |
9.11 |
-88.30 |
-34.10 |
|
Gearing % |
0 |
0.30 |
7.50 |
6.30 |
10.40 |
|
Equity in
% |
-65.20 |
19.90 |
56.60 |
74.80 |
65.10 |
|
Creditor
Days |
- |
- |
- |
- |
- |
|
Debtor
Days |
- |
- |
3.73 |
- |
5.74 |
|
Liquidity/Acid
Test |
0.60 |
1.24 |
1.16 |
0.94 |
0.93 |
|
Return On
Capital Employed % |
111.56 |
-71.45 |
30.97 |
-9.46 |
-150.65 |
|
Return On
Total Assets Employed % |
-72.74 |
-14.22 |
18.82 |
-7.52 |
-108.40 |
|
Current
Debt Ratio |
-2.53 |
4.03 |
0.69 |
0.27 |
0.43 |
|
Total
Debt Ratio |
-2.53 |
4.03 |
0.76 |
0.33 |
0.53 |
|
Stock
Turnover Ratio % |
- |
- |
- |
- |
- |
|
Return on
Net Assets Employed % |
111.56 |
-71.65 |
33.28 |
-10.06 |
-166.39 |
ADDITIONAL INFORMATION
Status History
|
No Status
History found |
Event History
|
Date |
Description |
|
30/09/2013 |
New
Accounts Filed |
|
30/09/2013 |
New
Accounts Filed |
|
11/09/2013 |
Annual
Returns |
|
12/10/2012 |
New
Accounts Filed |
|
12/10/2012 |
New
Accounts Filed |
|
25/09/2012 |
Annual
Returns |
|
22/09/2012 |
Annual
Returns |
|
27/08/2012 |
Annual
Returns |
|
29/05/2012 |
Change in
Reg.Office |
|
29/05/2012 |
Change of
Company Postcode |
|
28/05/2012 |
Mr S.M.
Alais has resigned as company secretary |
|
22/05/2012 |
Change of
Name |
|
23/04/2012 |
New Board
Member Mr S. Candito appointed |
|
03/04/2012 |
Mr R.J.
Ryan has left the board |
|
03/04/2012 |
New Board
Member A. Harman appointed |
Previous Company
Names
|
Date |
Previous
Name |
|
18/05/2012 |
SEACOR
RESPONSE (UK) LIMITED |
|
21/06/2011 |
SEACOR
ENVIRONMENTAL SERVICES (UK) LIMITED |
NOTES & COMMENTS
Commentary
|
No exact
match CCJs are recorded against the company. |
|
Sales in
the latest trading period increased 7.2% on the previous trading period. |
|
Net Worth
decreased by 444.8% during the latest trading period. |
|
A 5%
growth in Total Assets occurred during the latest trading period. |
|
Pre-tax
profits decreased by 436.9% compared to the previous trading period. |
|
The
company saw an increase in their Cash Balance of 47.1% during the latest
trading period. |
|
The audit
report contains no adverse comments. |
|
No recent
changes in directorship are recorded. |
|
The
company is part of a group. |
|
The
company has changed its registered address recently. |
|
The
company has changed its registered name recently. |
|
The
company was established over 9 years ago. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors
are apparent. Repayment of interest and principal sums in default or expected
to be in default upon maturity |
Limited with full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.